I am divorced and the judge said ex was responsible for vehicle. Will lenders disregard that on my credit.?

Asked by javedaellington, Richardson, TX Wed Dec 19, 2012

--
This question was asked from this property: http://=www.trulia.com/property/3104152949-13629-Willow-Bend-Rd-Dal… target="_blank" rel="nofollow">http://www.trulia.com/property/3104152949-13629-Willow-Bend-…

Help the community by answering this question:

+ web reference
Web reference:

Answers

8
Darrell Self, Agent, Allen, TX
Wed Dec 19, 2012
Tom Burris is a great loan officer that knows his trade. Contact him he is a straight shooter
Web Reference:  http://dmdrealtydfw.com
1 vote
Elizabeth Mo…, Agent, McKinney Tx, TX
Wed Dec 19, 2012
This will depend on underwriter, as Mr. Burris said.
1 vote
David Whites…, Agent, Dallas, TX
Wed Dec 19, 2012
As long as you were good before the split and it is documented you should be fine. Your lender should verify this.
1 vote
John Lyng, , Dallas, TX
Sun Dec 23, 2012
Most lenders will exclude the debt as long as the divorce decree is specific enough to identify the vehicle (make and model, VIN number) and match the vehicle on the loan shown on your credit report.

If you do that legwork you should be able to exclude it from the debt ratio; if there are late payments that are recent you'll need to get that detail addressed. You should take steps to get that loan removed from your credit unless it hasn't been refinanced to remove you from the loan. Hopefully your ex can get approved but even if they cannot I would urge you to force their hand. I've seen this situation turn into a mess more than once.
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Wed Dec 19, 2012
This will be underwriter discretion.
You 'may' get it excluded from your debt ratios.

I can pre-approve you AND send the file to my underwriter for their opinion PRIOR TO you making an offer.
No surprises in underwriting this way.

Let me know if I can answer any follow up questions.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes
Kim Nwachukwu, Agent, Irving, TX
Wed Dec 19, 2012
That is a good lender question but here is what I have always been told. Creditors don't really care what a judge has to say about who is responsible for what. In their eyes you opened the line of credit therefore you are responsible, no matter what a judge says. It's a tough pill for sure.
0 votes
Dixon Wong, Agent, Dallas, TX
Wed Dec 19, 2012
Hi Javedaellington,

That will depends on if the vehicle under your name for the loan. if the lender pulled up the credit and see there is an open balance then they will count it toward your debts.

Unless you have the divorced paper that can show them this is no longer your debt.

Dixon
Realtor
JP and Associate Realtors
http://www.findyourtexashome.com
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Wed Dec 19, 2012
Just call any lender of your choice and get hard answers from them.

Kenny
Turtle Creek Realty
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more